New Head of Information announced by The Pensions Board

Monday 1 October 2007: David Malone has been appointed as the new Head of Information by The Pensions Board, it was announced today.

Mr. Brendan Kennedy, CEO of The Pensions Board, welcomed Mr Malone’s appointment. “David has been a key contributor in our drive to improve awareness of the importance of pensions in recent years. His pension’s knowledge combined with his diverse project management and communications background is a strong addition to the Board’s Information services unit.”

Prior to this appointment as Head of Information, David Malone was responsible for directing the National Pensions Awareness Campaign run by The Pensions Board on behalf of Government, since its inception in 2003. Over the last twenty years, David has worked on a project management basis with both public and private sector organisations to design and implement their communications, marketing and event management initiatives. David is a member of the Public Relations Institute of Ireland.

- ENDS -

For further information please contact:

Glen McGahern
Q4 Public Relations
Tel: (01) 4751444 / 086-1940057


Editor’s note:

The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings accounts (PRSAs) and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development. See www.pensionsboard.ie


Information Unit:

The main responsibilities of the Information unit are to:

  • make a wide range of information on members' rights under the Pensions Act available to memebers and other interested parties.
  • provide authoritative guidance to trustees and scheme administrators on compliance with the Pensions Act.
  • encourage appropriate trustee training.
 
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About the Pension’s Calculator

  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
  • This calculator does not take into account any contributions an employer might make to your pension.
  • Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of income tax? This calculator takes into account current income tax relief benefits.
  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
  2. Contribution amounts shown will increase each year as salary increases.
  3. The actual pension at retirement will depend on actual investment return and salary inflation up to retirement and on the cost of purchasing annuities at retirement.
  4. Tax relief calculations take account of age related limits on tax relief in any given year as prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. The maximum tax relief as a % of earnings are as follows:
         Under 30: 15%
         30 to 39: 20%
         40 to 49: 25%
         50 to 54: 30%
         55 to 59: 35%
         60 and over: 40%
  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
  6. In these net contribution calculations, PAYE & single persons tax reliefs and single persons tax bands are assumed. It is also assumed that no other tax reliefs apply.
  7. The annuity rate used to convert your pension fund at retirement age is a long term average annuity rate, which makes no allowance for the recent gender equalisation ruling. The annuity rate used in your personal illustration above will be shown when you run the calculator.
  8. This calculator takes account of the fact that the State Pension (Transition) will no longer be paid from 1 January 2014. This means that there will then be a standard State Pension age of 66 years for everyone. If you have qualified for the State Pension Transition before 1 January 2014 you remain entitled to it for the duration of your claim (1 year). State pension age will increase to 67 in 2021 and to 68 in 2028